Groups call on Washington to tax financial speculation

Wall Street and economic experts on Thursday will join labor leaders and consumer advocates in calling on Congress and the Obama administration to tax financial speculation transactions.

The group says the levy will curb excessive speculation by larger banks without harming long-term gains for investors. 

They also contend a small tax could raise at least $100 billion a year. 

The G20 is looking at the creation a financial speculation tax, but specifics on the proposal are unclear. The G20 is scheduled to meet in Washington later this month and could discuss the tax.